Originally Posted by
InsaneTravel
Here's another tip with CIBC, call every 6 months to increase your Credit Limit whether you need it or not. High limits are very good for your credit score (as long as you don't use all of the available credit). when you call they'll ask why you need a higher limit, just say Home Reno or planning a vacation.
As someone in the industry, I do not agree with that statement. I have seen credit reports with very high scores, despite the lack of "high credit limits".
Some lenders get a little antsy when they see someone with a lot of unsecured lines of credit...having a lot of "available" credit is not always a good thing. Other lenders don't like people "going to the well" multiple times, ie asking for limit increases.
People, frankly, worry too much about credit scores. They do mean something obviously, but I can tell you that lenders are a little more savvy these days than just looking at a credit score.